Summary of J Scott's The Book on Flipping Houses

By IRB Media

Get the Summary of J Scott's The Book on Flipping Houses in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: Are you inspired to leave your 9-to-5 job and start flipping houses? In The Book on Flipping Houses, expert real estate fix-and-flipper J Scott details a step-by-step plan to succeed in your first—or next—house flip. This revised edition of the bestselling book includes new explanations on the ins-and-outs of flipping real estate in any part of the economic cycle, more options on how to finance your flips, and a focus on larger renovation projects not previously discussed.

This no-fluff book contains a detailed flipping blueprint perfect for both the complete newbie and seasoned real estate pro. If you’re looking to build a profitable, efficient house flipping business, let this easy-to-follow book act as your guide!

• Language: English
• Publisher: IRB Media
• Release date: Dec 13, 2021
• ISBN: 9781669344513

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on J Scott's The Book on Flipping Houses

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 15

Insights from Chapter 16

Insights from Chapter 17

Insights from Chapter 18

Insights from Chapter 19

Insights from Chapter 20

Insights from Chapter 21

Insights from Chapter 22

Insights from Chapter 23

Insights from Chapter 24

Insights from Chapter 1

#1

The term wholesaler is used to describe an investor who acquires a property and then immediately sells it to another party. The term wholesaling refers to the act of purchasing a home and then selling it back to the original owner for a profit.

#2

Rehabbing involves buying a property in poor condition, fixing it up, and then selling it, either to a homeowner who plans to live in it or to another investor who plans to keep it as an investment.

#3

Flipping houses is not as difficult as it may seem, especially when the market is favorable. Flipping houses requires a great market to buy and sell, which is usually a sign of a strong economy.

#4

A typical house flipping business might have an average profit of $20,000 to $25,000 on each flip. With two full-time employees, a part-time house flipper could potentially generate a gross yearly profit of more than $1,000,000.

#5

As a house flipper, you'll have to pay taxes on your profits. However, in the author's opinion, it's better to earn a lot and have to pay taxes on it than to not earn anything in the first place. Consult a qualified accountant or CPA to help you structure your business so that you pay the least amount of taxes possible.

#6

For the house flipper who plans to make a significant portion of his or her living from flipping houses, the objective can't be to spend lots of time and energy on rehabbing houses; the objective must be to spend lots of time and energy on building a business. While your business may involve flipping houses, that fact is relatively unimportant.

#7

The author's first house-flipping business required him to spend 3 months rehabbing and selling a house, which generated $10,000 in profit. If he had spent those three months rehabbing and selling five more houses instead, he would have earned $100,000 in profit.

#8

One of the biggest mistakes new flippers make is to solely blame their contractors, agents, or lenders when things go wrong, instead of taking responsibility for their own mistakes.

#9

There are always a million things to blame your lack of success on, but in reality, every one of these things is within your control to some degree, and you have the power to mitigate all these issues by being proactive and always knowing what your worst-case scenario is.

#10

It’s important to understand that not all flipping is the same. Some people are only flippers, not investors. If this is the case for you, take extra care to manage your business like a business and control your deals as if you’re the only one who can.

Insights from Chapter 2

#1

There are two ways to buy a house: you bring your own cash to the closing table, or you borrow someone else's cash and bring that to the closing table. In both cases, you pay for